In 2015 Interbrand released their 15th annual Best Global Brands Report. For the 3rd year in a row Apple took the number 1 spot. The software giants knocked Coca - Cola of the number 1 spot in 2013 after 13 consecutive years at the top. Technology’s dominance in today’s business world is reinforced further by Google continuing to hold its place at number 2. In fact, in 2014 there was 4 technology companies in the top 10!
When compiling this Report, Interbrand focus on 3 key aspects that contribute to brand value;
The financial performance of the brand product and service
The role the brand plays in influencing customer choice
The strength the brand has to command a premium price or secure earning for the company
These 3 key areas incorporate a number of wider aspects when it comes to ensuring that your brand is successful. These are the indicators used when determining how successful a brand is but there is a long list of factors that must be addressed to reach the highest level in terms of these indicators.
Start at the very Beginning
Below are the top 3 factors that must be considered to ensure your brand is successful.
Know your target audience
You must know what it is that catches the attention of your audience. What drives them? What is it they need? How does your product/service fit into this? Know the demographics of your audience and how they communicate. This is very important as it will determine which platforms you will use for marketing, (e.g. Facebook, Twitter) and how often you will use them. Knowing your audience also allows you to produce relevant content marketing. Instead of trying to target everyone make your message, more focused, targeted content marketing can be much more effective.
Stand out from the crowd
Your brand identity should be UNIQUE! Don not be just another face in the crowd.
As Jayson DeMers stated in his article ‘The Top 7 Characteristics of Successful Brands’ , “With the volume of competition that businesses face in most industries, it’s never been more important to stand out and develop a unique identity and value proposition through strategic branding. While it is obviously important to offer a quality product or service, effective branding is often at the heart of the companies that thrive”. You should aim to create a brand identity that is memorable and easily recognizable. It is important to remember that your brand identity is more than just your logo - it is everything that represents you as a company- your product, image, employees, services etc. Make sure all of these aspects are functioning at the highest of levels and focus on what separates you from your competitors - use it to your advantage.
Always be consistent
Brand consistency is vital when it comes to creating a persona and a familiarity around your business. Consistency brings clarity and that's what increase customers trust in you. As your brand becomes recognised and people start to associate with it in accordance to the persona you have created (ensuring that is a good one) - this is when you will begin to reap the benefits of brand loyalty. Brand loyalty and repeat business is what differentiates you from your competitors. Building a strong brand rests on consistency and consistent brands get noticed!